BTC - INTRADAY - THE TREND IS YOUR FRIEND...

7 feb 2021

H4 : 3 black candles in a row.
Last closing period below TS
Watch MBB @ 38391 as the next significant support level
A failure to hold above that level on a closing level would trigger
further downside move towards KS ahead of the support trend line

H1 : All important supports (MBB, KS and TS) have been broken
Watch clouds support which also coincides currently with the H1
support trend line
A failure to hold above the clouds would likely add further selling pressure

M15 : As seen in H1, currently below important supports.
Nevertheless, watch former low @ 38401 on a closing period observation
(potential ST double bottom) and also coincides with the level of MBB on H4
Technical indicators are showing some potential ST bullish divergences

M5 : Watch each closing period for very short term additional information

Conclusion : Following the peak reached yesterday slightly above 41'000 (see
my previous post (double bottom target filled @ 40976, BTC is now entering in a
reversal trend.
Only a recovery above 39277 would neutralise the ongoing downside risk calling for
36355 (38.2 % Fib ret - 28800-41025.48
Finally a D1 closing today, below 38320 would trigger a bearish engulfing pattern which
would corroborate my above comments and would give additional value to my expected
bearish scenario